Trinity Capital Advisors, in a joint venture with Mortenson Properties, Inc., has purchased a 15-acre industrial development site within Northlake Business Park in Hanover County, marking the partnership’s initial investment in the Richmond industrial market.
The joint venture is planning a new industrial project on the site consisting of two rear-load buildings totaling 231,120 square feet. The facilities are being designed to accommodate a broad range of industrial users and to provide modern, functional space in what is described as one of Richmond’s most established and supply-constrained industrial submarkets.
Construction on the project is scheduled to begin in summer 2027, with completion and delivery targeted for the third quarter of 2028. The development timeline positions the project to bring additional industrial capacity to the market over the next two years.
Mortenson will serve as the project’s general contractor. Townes Site Engineering has been engaged to provide civil engineering services, and Range Commercial has been selected to lead leasing efforts for the planned industrial space.
Northlake Business Park, where the site is located, currently encompasses approximately 6.8 million square feet of industrial space and is reported to be 99% leased. The park is home to a roster of major tenants, including Amazon, Ferguson, Owens & Minor, Pitney Bowes, Chadwell Supply and Anixter, underscoring the area’s position as a key logistics and distribution node in the broader Richmond region.
The acquisition and planned development extend Trinity Capital’s industrial platform across the Southeast and Mid-Atlantic, adding a Richmond-area project to its portfolio alongside its existing industrial investments in the region.
